MFDA Hearing Panel approves six settlement agreements

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Mutual Fund Dealers Association of Canada

Feb 04, 2019, 18:15 ET

TORONTO, Feb. 4, 2019 /CNW/ - On January 31, 2019, a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following six settlement proceedings, the particulars of which are:

Bradley Archer

A hearing in the matter of Bradley Wayne Archer ("Archer") was held on January 31, 2019 at which the Hearing Panel approved the settlement agreement dated November 9, 2018 ("Settlement Agreement") between Staff of the MFDA and Archer, as a consequence of which the following sanctions were imposed:

  • a prohibition from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of nine months;
  • shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Archer admitted that:

a)

between December 2002 and June 2016, he signed the signature of a client on 21 account forms, and submitted the account forms to the Member for processing, contrary to MFDA Rule 2.1.1; and

b)

between 2015 and 2016, he obtained and possessed four pre-signed account forms in respect of three clients, contrary to MFDA Rule 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Archer carried on business in the Chatham, Ontario area.

Daniel Roy

A hearing in the matter of Daniel Rosaire Roy ("Roy") was held on January 31, 2019 at which the Hearing Panel approved the settlement agreement dated October 9, 2018 ("Settlement Agreement") between Staff of the MFDA and Roy, as a consequence of which the following sanctions were imposed:

  • a fine in the amount of $20,000;
  • costs in the amount of $2,500; and
  • shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Roy admitted that:

a)

between December 2008 and March 2017, he obtained, possessed and, in some instances, used to process transactions, 73 pre-signed account forms in respect of 34 clients, contrary to MFDA Rule 2.1.1; and

b)

between December 2008 and March 2017, he altered five account forms in respect of six clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Roy carried on business in the Nepean, Ontario area.

Kimberly Ann Ryan

A hearing in the matter of Kimberly Ann Ryan ("Ryan") was held on January 31, 2019 at which the Hearing Panel approved the settlement agreement dated December 12, 2018 ("Settlement Agreement") between Staff of the MFDA and Ryan, as a consequence of which the following sanctions were imposed:

• fine in the amount of $15,000, payable in instalments as follows:

a)

$2,500, upon acceptance of the Settlement Agreement;

b)

$2,083.35, on or before February 28, 2019;

c)

$2,083.33, on or before March 29, 2019;

d)

$2,083.33, on or before April 30, 2019;

e)

$2,083.33, on or before May 31, 2019;

f)

$2,083.33, on or before June 28, 2019;

g)

$2,083.33, on or before July 31, 2019;

• costs in the amount of $2,500; and

• shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Ryan admitted that:

a)

between January 5, 2012 and February 8, 2015, she obtained, possessed, and used to process transactions, two pre-signed account forms in respect of three clients, contrary to MFDA Rule 2.1.1;

b)

between December 3, 2012 and March 23, 2016, she altered and used to process transactions, 18 account forms in respect of 15 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and

c)

on or about February 26, 2015, she attached the signature page of an account form previously signed by a client to a new account form to process a transaction, contrary to MFDA Rule 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Ryan carried on business in the Renfrew, Ontario area.

Ghassan Alathamna

A hearing in the matter of Ghassan Alathamna ("Alathamna") was held on January 31, 2019 at which the Hearing Panel approved the settlement agreement dated May 25, 2018 ("Settlement Agreement") between Staff of the MFDA and Alathamna, as a consequence of which the following sanctions were imposed:

  • a prohibition from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of three months;
  • costs in the amount of $1,000; and
  • shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Alathamna admitted that on or around October 3, 2016, he cut and pasted a client signature from an account form previously signed by the client onto 2 new account forms, and submitted the account forms for processing, contrary to MFDA Rule 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Alathamna carried on business in the London, Ontario area.

Thomas Earle Bott

A hearing in the matter of Thomas Earle Bott ("Bott") was held on January 31, 2019 at which the Hearing Panel approved the settlement agreement dated November 30, 2018 ("Settlement Agreement") between Staff of the MFDA and Bott, as a consequence of which the following sanctions were imposed:

  • a prohibition from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of nine months;
  • a fine in the amount of $5,000;
  • costs in the amount of $2,500; and
  • shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Bott admitted that:

a)

between November 2006 and April 2017, he obtained, possessed and, in some instances, used to process transactions, 51 pre-signed account forms in respect of 18 clients, contrary to MFDA Rule 2.1.1; and

b)

between October 2007 and February 2017, he altered, and used to process transactions, three account forms in respect of three clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Bott carried on business in the Kitchener and Guelph, Ontario area.

Luigi Congi

A hearing in the matter of Luigi Cristiano Congi ("Congi") was held on January 31, 2019 at which the Hearing Panel approved the settlement agreement dated November 29, 2018 ("Settlement Agreement") between Staff of the MFDA and Congi, as a consequence of which the following sanctions were imposed:

• a prohibition from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of one year;

• costs in the amount of $2,500, payable in instalments as follows:

a)

$500, upon acceptance of the Settlement Agreement;

b)

$400, on or before February 28, 2019;

c)

$400, on or before March 29, 2019;

d)

$400, on or before April 30, 2019;

e)

$400, on or before May 31, 2019;

f)

$400, on or before June 28, 2019; and

• shall in future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, Congi admitted that between June 2015 and April 2016, he signed the signature of 21 clients on 23 account forms, and submitted the account forms to the Member for processing, contrary to MFDA Rule 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Congi carried on business in the Leamington, Ontario area.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.

SOURCE Mutual Fund Dealers Association of Canada

Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]

Related Links

http://www.mfda.ca

Organization Profile

Mutual Fund Dealers Association of Canada

The Mutual Fund Dealers Association of Canada (MFDA) is the national self-regulatory organization (SRO) for the distribution side of the Canadian mutual fund industry. It was established in June 1998 at the initiative of the Canadian Securities Administrators. The MFDA...